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LEASES

12 Months Ended

Dec. 31, 2014

NOTE 16. LEASES

The Company leases land and building space for the operation of some banking offices. All such leases qualify as operating leases. Following is a schedule by year of future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2014:


	(in thousands)
Years ended December 31:
2015	$	1,770
2016		1,666
2017		992
2018		674
2019		244
Thereafter		590
Total minimum payments required:	$	5,936

Total rent expense for the years ended December 31, 2014 and 2013 was $1,703 and $1,034, respectively.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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